Global market spillovers from China`s economic shocks will only increase in coming years as the country`s financial influence grows and the yuan`s use as a funding currency broadens, the International Monetary Fund said on Monday.

The expected slowdown in the Chinese economy, a key driver of the global growth, and its sheer size and integration into global economy mean that its performance affects those around it, the IMF said in a blog post on its website.

Global ratings agency Standard & Poor's Ratings Services (S&P) has downgraded the rating for Tata Motors from 'positive' to 'stable' on account of slowdown in China and continuing capital expenditure at Jaguar Land Rover.

China is preparing to unveil broad reforms for state-owned companies which will see some firms shut and others introduce more diversified ownership, according to media reports, in moves one analyst called a "game-changer".

Financial market turbulence in China and software problems have prompted Deutsche Boerse to delay its planned Asian derivatives exchange and clearing house by about 18 months, three people familiar with the plans said on Wednesday.

China has fended off the major risks to its financial system while its economic prospects remain positive, Premier Li Keqiang said on Wednesday, as he tried to reassure global markets that Beijing can keep its economy on track and stock markets in check.

China will adopt "stronger" fiscal policies to support growth, Beijing said as it seeks to sooth increasing fears about the world`s second-largest economy following turmoil in domestic and overseas markets.

The International Monetary Fund managing director Christine Lagarde Tuesday warned that greater resilience would be needed from the world's emerging economies to handle China's slowdown, warning the road ahead could be "somewhat bumpy".

"What we are hearing from our companies that India story is strong. The slowdown in China is making India story much much stronger," Mukesh Aghi, president of the US India Business Council (USIBC) said.